UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 2009
OLD POINT FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
| Virginia | 000-12896 | 54-1265373 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1 West Mellen Street
Hampton, Virginia 23663
(Address of principal executive offices) (Zip Code)
(757)728-1200
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01 | Entry into a Material Definitive Agreement. |
On February 10, 2009, the Board of Directors of Old Point Financial Corporation approved the 2009 target bonuses and performance goals for the Company’s named executive officers under the Company’s Executive Incentive Plan as recommended by the Compensation Committee.
Short-Term Cash Incentive Awards. The 2009 performance targets are based on the Bank’s average asset growth (weighting: 15%), the loan growth (weighting: 15%), the Bank’s average deposit growth (weighting: 15%), the Trust Company’s revenue growth (weighting: 10%), the Company’s earnings growth (weighting: 25%) and a subjective component related to nonfinancial goals as determined by the board (weighting: 20%). Depending on the company’s 2009 performance with respect to these measures, the Company’s named executive officers, among others, may earn a short-term cash incentive award for 2009 in a range from 0% to 14% of their 2009 annualized based salary, subject to adjustment in the discretion of certain officers of the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Old Point Financial Corporation | ||
| Registrant | ||
| Date: February 12, 2009 | ||
/s/ Robert F. Shuford | ||
| Robert F. Shuford | ||
Chairman of the Board President & Chief Executive Officer | ||